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Market Commentary

No Delay

By Charles Payne, CEO & Principal Analyst
7/30/2020 12:26 PM

The major indices opened down sharply on economic news and a tweet from President Trump throwing out a tweet about delaying the election.  Since then, U.S. Representative Davis, the top Republican on the House Administration Panel, along with Republican Senators Cruz, Rubio, and Tillis have come out and stated there will be no delay in the 2020 election.  Senate Majority Leader Mitch McConnell also responded that the election date is “set in stone.”

The markets signed a breath of relief, and buyers have once again emerged, with the Nasdaq now positive.

Indices

Worst Level

Current

Dow

25992.28

26,2268.18

S&P 500

3204.13

3241.80

Nasdaq

10412.09

10,576.51

 

All 11 sectors of the S&P 500 are still in the red, with Energy getting hit hard, as WTI declines 3.44% to falling below $40. 

S&P 500 Index

 

-0.81%

Communication Services (XLC)

 

-0.21%

Consumer Discretionary (XLY)

 

-0.07%

Consumer Staples (XLP)

 

-0.29%

Energy (XLE)

 

-4.06%

Financials (XLF)

 

-2.23%

Health Care (XLV)

 

-1.20%

Industrials (XLI)

 

-0.87%

Materials (XLB)

 

-1.96%

Real Estate (XLRE)

 

-1.01%

Technology (XLK)

 

-0.13%

Utilities (XLU)

 

-0.91%

 

Breadth is negative, while the advancing volume outpaces the declining on the Nasdaq.  

Issues:

NYSE

NASDAQ

Advancing

836

1,147

Declining

2,112

2,084

Issues at:

52 Week High

50

77

52 Week Low

8

30

Volume:

Advancing

396.58M

1.00B

Declining

1.41B

837.32M

 

Investors are now waiting on 4 of the FAANG stocks, Apple (AAPL), Amazon (AMZN), Facebook (FB), and Alphabet/Google (GOOG/L) to report after the bell.  After all were down on the day earlier, they are now positive.


Comments
Please Mr. President, stop shooting yourself in the foot!

Tim on 7/30/2020 2:26:58 PM
Charles- I was touched when you spoke of Herman Cainís passing. I was lucky enough to listen to his 3 hr radio Morning show for many years. What a great man! Thanks Charles

Dave Daubard on 7/30/2020 4:34:41 PM
All salesmen develop foot in mouth disease so micromanage your tweets by editing first, sending only the best.

Jim Berry on 7/30/2020 6:43:55 PM
 

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